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TeraWulf(NASDAQ:WULF) is a Bitcoin mining company that maximizes the energy-to-cryptocurrency value chain through power supply optimization.
After transitioning to AI, share prices continue to rise, with Cipher and Hut 8 hitting all-time highs
The stock prices of Bitcoin mining companies transitioning into AI and hyperscale computing continue to climb. IREN rose over 13% on Wednesday, nearing its all-time high. The company previously announced a $3 billion convertible bond offering, partnered with Nvidia to build 5 GW of AI data centers, and acquired Mirantis for $625 million; on Tuesday, it also reached a $1.6 billion agreement with Dell to supply Blackwell AI systems. Both Cipher and Hut 8 hit new record highs, with Cipher rising approximately 9.5% to $25, and Hut 8 increasing nearly 5% to $118. Hut 8 has surged nearly 600% over the past year. TeraWulf rose over 6% on Wednesday and has gained approximately 800% in the past year, with its HPC business quarterly revenue exceeding Bitcoin mining revenue for the first time.
TeraWulf Completes Over $1 Billion Equity Offering to Fund Kentucky Data Center Construction
According to GlobeNewswire, Bitcoin mining company and HPC data center operator TeraWulf Inc. (NASDAQ: WULF) announced on April 16 the completion of a public offering of common stock, issuing 54.51 million shares at $19.00 per share, including the full exercise of the underwriters’ over-allotment option (an additional 7.11 million shares), raising approximately $1.036 billion in total. TeraWulf stated that the proceeds will be used for the construction of its Hawesville data center campus in Kentucky, repayment of the outstanding balance under its bridge credit facility, future site acquisitions, and general corporate purposes. Morgan Stanley served as the sole book-running manager, with BofA Securities, Citigroup, TD Cowen, and Wells Fargo Securities acting as joint book-running managers.
TeraWulf Plans to Raise $9 Billion to Expand AI Data Center
Odaily News TeraWulf announced the issuance of 47.4 million shares at $19 per share, raising approximately $9 billion to fund the construction of a large-scale data center campus in Hawesville, Kentucky, repay bridge financing, and support future expansion. Affected by the equity dilution from the financing, the company's stock price fell by about 5.8% during the trading session. The company also disclosed preliminary performance for the first quarter of 2026, expecting revenue to be between $30 million and $35 million, with approximately $3.1 billion in cash on hand and total debt of about $5.8 billion.TeraWulf's management pointed out that high-performance computing (HPC) hosting revenue now accounts for over half of its income, surpassing Bitcoin mining revenue for the first time, driving a shift in its revenue structure towards more stable, long-term cash flows. Analysts believe that while this financing round brings equity dilution, it helps support the expansion of AI infrastructure and enhances visibility for future growth. Overall, this move reflects the industry trend of mining companies accelerating their shift towards AI and high-performance computing to reduce reliance on Bitcoin price volatility and improve profitability stability. (CoinDesk)
Mining company TeraWulf raises $900 million through a stock offering to fund the construction of an AI data center
According to The Block, Bitcoin mining company TeraWulf raised $900 million through a stock offering, with the funds earmarked for building AI data centers. Following the announcement, TeraWulf’s stock price declined.
FluidStack in Talks to Raise Approximately $1 Billion at $18 Billion Valuation
Odaily News, according to informed sources, AI cloud platform FluidStack is planning to raise approximately $1 billion at a valuation of $18 billion. Situational Awareness, an institution led by Leopold Aschenbrenner, is in talks to participate and co-lead the round. The funding is expected to be used to accelerate Fluidstack's expansion in the fields of AI computing and cloud infrastructure. It is reported that Fluidstack has previously signed cooperation agreements with multiple Bitcoin mining companies, including TeraWulf, Cipher Mining, Hut 8, and others.
TeraWulf Acquires 1GW High-Performance Computing Campus in Eastern Kentucky to Expand Its Infrastructure Platform
Odaily reports, according to official news, TeraWulf has announced the acquisition of a strategically located hyperscale high-performance computing (HPC) development site in eastern Kentucky (the "Muskie Data Campus").This acquisition significantly expands TeraWulf's portfolio of large-scale, energy-advantaged digital infrastructure campuses and advances the company's strategy of developing AI and HPC sites with long-term power supply, transmission infrastructure, and strong community support that are ready for construction.The first 500 megawatts ("MW") of capacity delivery is expected to begin ramping up in the second half of 2028, with the additional 500 MW targeted for delivery in the second half of 2030.
Analysis: Bitcoin mining companies' transition to AI infrastructure is accelerating, with multiple infrastructure-linked stocks surging
Odaily Planet Daily reported that 10x Research posted on X platform, stating that amid Bitcoin's downturn, the mining and AI infrastructure sectors have surged significantly. KEEL rose 30%, CIFR rose 29%, IREN rose 29%, WULF rose 24%, and HUT rose 22%, primarily driven by large-scale hyperscale data center deals, campus acquisitions, and new institutional support.This week's catalysts include IREN's $1.6 billion purchase of Dell Blackwell systems, TeraWulf's acquisition of a 1 GW Kentucky campus, and Hut 8's signing of a $9.8 billion Texas lease agreement. These events indicate that the transition of Bitcoin mining companies towards AI infrastructure is accelerating.
TeraWulf Acquires 1 GW AI Data Center Site in Kentucky; Stock Rises ~8% Pre-Market
According to TheEnergyMag, TeraWulf (NASDAQ: WULF) announced the acquisition of the Muskie Data Campus in eastern Kentucky, which is expected to support over 1 GW of data center capacity. The first phase—500 MW—is scheduled to begin delivery in the second half of 2028, while the second phase—another 500 MW—is targeted for completion in the second half of 2030. The site was acquired from Industrial Equity Partners and spans approximately 285 acres within a 1,000-acre industrial park in eastern Kentucky. American Electric Power (AEP), the local utility, has commenced construction of a 345-kV substation connected to the 765-kV transmission grid; transmission infrastructure and energy services agreements have also been signed concurrently. TeraWulf stated that zoning approval for the project has been secured, permitting activities are underway, and preliminary site preparation work is minimal. Following this acquisition, TeraWulf’s footprint in Kentucky will expand to two digital infrastructure projects, with an aggregate platform capacity exceeding 2.8 GW. The company reported $34 million in Q1 revenue, including $21 million from HPC leasing income.
TeraWulf’s AI computing revenue exceeds Bitcoin mining revenue for the first time; Q1 net loss of $427 million
According to Decrypt, publicly traded Bitcoin mining company TeraWulf (WULF) released its Q1 2026 financial results, reporting a net loss of $427 million for the quarter—significantly higher than the $61.4 million net loss in the same period last year. Total revenue amounted to $34 million, of which AI high-performance computing (HPC) revenue accounted for 60%, or approximately $21 million—a 117% sequential increase. In contrast, Bitcoin mining revenue declined by 50% sequentially to roughly $13 million, marking the first time AI compute revenue has surpassed mining revenue. The company previously signed a 25-year lease agreement with FluidStack, valued at approximately $9.5 billion in total, and has received Google’s endorsement.
TeraWulf Q1 HPC Revenue Surpasses Bitcoin Mining for First Time, Accelerating Trend of Computing Power Shift to AI Infrastructure
Odaily Bitcoin mining company TeraWulf announced its Q1 financial report, showing that its high-performance computing (HPC) business has surpassed Bitcoin mining revenue for the first time, marking a critical phase in the company's transition to AI and cloud computing infrastructure. The company's total Q1 revenue was $34 million, roughly flat compared to the same period last year. HPC leasing revenue reached $21 million, exceeding digital asset mining revenue of less than $13 million for the first time, becoming the primary revenue source.The financial report also showed that the company's net loss widened to $427.6 million, primarily due to non-cash warrant revaluation. However, CFO Patrick Fleury emphasized that the company is shifting from "volatile mining revenue" to "stable long-term computing power contract revenue."Currently, 60MW of HPC capacity at TeraWulf's Lake Mariner data center in New York has begun generating revenue, with plans to continue expansion within the year. Meanwhile, the company is retrofitting some of its mining infrastructure into AI/HPC computing resources to support hyperscale computing demand. This trend continues to spread across the industry, with Bitcoin miners like Riot Platforms also diversifying their revenue structures through data center and AI contracts, gradually transitioning into "computing infrastructure companies." (The Block)
TeraWulf Plans to Raise $9 Billion to Expand AI Data Center
Odaily News TeraWulf announced the issuance of 47.4 million shares at $19 per share, raising approximately $9 billion to fund the construction of a large-scale data center campus in Hawesville, Kentucky, repay bridge financing, and support future expansion. Affected by the equity dilution from the financing, the company's stock price fell by about 5.8% during the trading session. The company also disclosed preliminary performance for the first quarter of 2026, expecting revenue to be between $30 million and $35 million, with approximately $3.1 billion in cash on hand and total debt of about $5.8 billion.TeraWulf's management pointed out that high-performance computing (HPC) hosting revenue now accounts for over half of its income, surpassing Bitcoin mining revenue for the first time, driving a shift in its revenue structure towards more stable, long-term cash flows. Analysts believe that while this financing round brings equity dilution, it helps support the expansion of AI infrastructure and enhances visibility for future growth. Overall, this move reflects the industry trend of mining companies accelerating their shift towards AI and high-performance computing to reduce reliance on Bitcoin price volatility and improve profitability stability. (CoinDesk)
Related news
Bernstein Research Labels Bitcoin Miners TeraWulf and Cipher Digital as AI’s “Electricity Landlords”
Bernstein initiated coverage on Bitcoin mining companies TeraWulf and Cipher Digital, assigning both an “Outperform” rating with price targets of $36 and $32, respectively, citing their transition toward AI infrastructure platforms, leveraging their secured power resources and site advantages.
TeraWulf Acquires 1GW High-Performance Computing Campus in Eastern Kentucky to Expand Its Infrastructure Platform
Odaily reports, according to official news, TeraWulf has announced the acquisition of a strategically located hyperscale high-performance computing (HPC) development site in eastern Kentucky (the "Muskie Data Campus").This acquisition significantly expands TeraWulf's portfolio of large-scale, energy-advantaged digital infrastructure campuses and advances the company's strategy of developing AI and HPC sites with long-term power supply, transmission infrastructure, and strong community support that are ready for construction.The first 500 megawatts ("MW") of capacity delivery is expected to begin ramping up in the second half of 2028, with the additional 500 MW targeted for delivery in the second half of 2030.
Analysis: Bitcoin mining companies' transition to AI infrastructure is accelerating, with multiple infrastructure-linked stocks surging
Odaily Planet Daily reported that 10x Research posted on X platform, stating that amid Bitcoin's downturn, the mining and AI infrastructure sectors have surged significantly. KEEL rose 30%, CIFR rose 29%, IREN rose 29%, WULF rose 24%, and HUT rose 22%, primarily driven by large-scale hyperscale data center deals, campus acquisitions, and new institutional support.This week's catalysts include IREN's $1.6 billion purchase of Dell Blackwell systems, TeraWulf's acquisition of a 1 GW Kentucky campus, and Hut 8's signing of a $9.8 billion Texas lease agreement. These events indicate that the transition of Bitcoin mining companies towards AI infrastructure is accelerating.
After transitioning to AI, share prices continue to rise, with Cipher and Hut 8 hitting all-time highs
The stock prices of Bitcoin mining companies transitioning into AI and hyperscale computing continue to climb. IREN rose over 13% on Wednesday, nearing its all-time high. The company previously announced a $3 billion convertible bond offering, partnered with Nvidia to build 5 GW of AI data centers, and acquired Mirantis for $625 million; on Tuesday, it also reached a $1.6 billion agreement with Dell to supply Blackwell AI systems. Both Cipher and Hut 8 hit new record highs, with Cipher rising approximately 9.5% to $25, and Hut 8 increasing nearly 5% to $118. Hut 8 has surged nearly 600% over the past year. TeraWulf rose over 6% on Wednesday and has gained approximately 800% in the past year, with its HPC business quarterly revenue exceeding Bitcoin mining revenue for the first time.
TeraWulf Acquires 1 GW AI Data Center Site in Kentucky; Stock Rises ~8% Pre-Market
According to TheEnergyMag, TeraWulf (NASDAQ: WULF) announced the acquisition of the Muskie Data Campus in eastern Kentucky, which is expected to support over 1 GW of data center capacity. The first phase—500 MW—is scheduled to begin delivery in the second half of 2028, while the second phase—another 500 MW—is targeted for completion in the second half of 2030. The site was acquired from Industrial Equity Partners and spans approximately 285 acres within a 1,000-acre industrial park in eastern Kentucky. American Electric Power (AEP), the local utility, has commenced construction of a 345-kV substation connected to the 765-kV transmission grid; transmission infrastructure and energy services agreements have also been signed concurrently. TeraWulf stated that zoning approval for the project has been secured, permitting activities are underway, and preliminary site preparation work is minimal. Following this acquisition, TeraWulf’s footprint in Kentucky will expand to two digital infrastructure projects, with an aggregate platform capacity exceeding 2.8 GW. The company reported $34 million in Q1 revenue, including $21 million from HPC leasing income.
Jane Street massively reduced Bitcoin ETF holdings in Q1, while increasing exposure to Ethereum ETFs and Galaxy Digital
According to the latest 13F filings, quantitative trading giant Jane Street significantly reduced its positions in several Bitcoin-related assets in the first quarter of 2026, while increasing its holdings in Ethereum ETFs and select crypto stocks.Specifically, Jane Street's holdings in BlackRock's IBIT fell by approximately 71% quarter-over-quarter to 5.9 million shares, valued at roughly $225 million. Its position in Fidelity's FBTC decreased by about 60% to roughly 2 million shares, worth approximately $115 million.Furthermore, its Strategy holdings dropped from about 968,000 shares in Q4 2025 to roughly 210,000 shares, with the position value declining from approximately $146 million to around $27 million. The firm also reduced its stakes in Bitcoin mining companies such as IREN, Cipher Mining, TeraWulf, and Core Scientific.On the other hand, Jane Street significantly increased its Ethereum ETF holdings, with combined new positions in BlackRock's ETHA and Fidelity's ETH funds totaling approximately $82 million. Simultaneously, its positions in Riot Platforms, Coinbase, and Galaxy Digital all increased. Notably, the Galaxy Digital position surged from roughly 17,000 shares to about 1.5 million shares.